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A NEEDED FIX IN ALL BOARD ROOMS
Isn't it time the system went in for some much needed repair?
Due diligence and oversight long ago slid out the window. No one was watching.
Time to do something about it.
Here's a huge one they all missed.... The dramatic change that swept through all of North America's boardrooms over the past 30 years. It is one of the underlying causes of the headache the economy is now feeling, but more importantly, it has resulted in the general feeling of "disconnect" by most Americans.
"WE THE SHAREHOLDERS OF YOUR COMPANIES......
http://pacificgatepost.blogspot.com/2008/03/let...
"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
Furthermore, the bill died in Congress the first time it was voted on, and for good reason. Then the Senate rams it through and adds $150 billion more to the tab. They say they added tax cuts and tax payer protection to the bill, but in reality they just attached other bills to the bailout, THAT WERE ALREADY SUPPOSED TO BE VOTED ON in the senate. In other words, they held the tax cuts and tax payer protections hostage, threatening not to pass them unless Congress passed the bailout bill. Also the entire process was not legal according to the Constitution, because bills regarding taxes must originate in the House of Representatives. In fact there is nothing good about this bill at all. Every single one of us should be absolutely outraged and should hold our Senators and Representatives accountable. If they voted for this bill make sure you vote them out of office. If they voted against it, then make sure not only to vote them back in, but take a moment out of your day and contact them, and let them know how much you appreciate them going to bat for you and your country.
A short time ago, our Chairman and CEO Ed Liddy said that he has ordered the immediate cancellation of all outside meetings, conferences, and recognition events across AIG, except those that are required by law or that are deemed absolutely critical to sustain our ongoing business needs.
Given AIG's commitment to our customers, business partners, regulators, and American taxpayers, coupled with the new and very different challenges our company now faces, we take these responsibilities extremely seriously. Their trust is critical to our success. We recognize the need to be sensitive about all company expenditures.
As we move forward, we will continue our focus our efforts to pay back the $85 billion loan from the Federal Reserve Bank of New York as quickly as possible.